2. Prepare Unadjusted Trial balance as at September 30, 2016 (template provided).
3 Journalize and post all necessary adjusting entries.
4. Prepare Adjusted Trial balances as at September 30, 2016 (the template provided).
5. Prepare Income Statement and Statement of Changes in Equity for the year ended September 30,2016 (template provided).
6. Prepare Statement of Financial Position dated September 30, 2016 (template provided).
|
Journal Entries |
|||
|
Date |
Particulars |
Debit |
Credit |
|
|
|
|
|
|
3/04/2017 |
Cash |
150.00 |
|
|
|
Accounts Payable |
|
150.00 |
|
|
|
|
|
|
15/05/2017 |
Inventory |
750.00 |
|
|
|
GST Payable |
37.50 |
|
|
|
Accounts Payable |
|
787.50 |
|
|
|
|
|
|
28/05/2017 |
Inventory |
1,200.00 |
|
|
|
GST Payable |
60.00 |
|
|
|
Accounts Payable |
|
1,260.00 |
|
|
|
|
|
|
31/05/2017 |
Interest Payable |
687.50 |
|
|
|
Interest Expense |
62.50 |
|
|
|
Cash |
|
750.00 |
|
|
|
|
|
|
|
Cash |
15,750.00 |
|
|
|
Service Revenue |
|
15,000.00 |
|
|
GST Payable |
|
750.00 |
|
|
|
|
|
|
1/06/2017 |
Prepaid Insurance |
2,400.00 |
|
|
|
Cash |
|
2,400.00 |
|
|
|
|
|
|
20/06/2017 |
Accounts Payable |
2,047.50 |
|
|
|
Cash |
|
2,047.50 |
|
|
|
|
|
|
30/06/2017 |
Cash |
5,900.00 |
|
|
|
Unearned Service Revenue |
13,000.00 |
|
|
|
Service Revenue |
|
18,000.00 |
|
|
GST Payable |
|
900.00 |
|
|
|
|
|
|
30/06/2017 |
Cash |
740.25 |
|
|
|
Sales Revenue |
|
705.00 |
|
|
GST Payable |
|
35.25 |
|
|
|
|
|
|
|
Cost of Goods Sold |
366.60 |
|
|
|
Inventory |
|
366.60 |
|
|
|
|
|
|
30/06/2017 |
Rent Expense |
3,000.00 |
|
|
|
Telephone Expense |
700.00 |
|
|
|
Utilities Expense |
135.00 |
|
|
|
Fuel Expense |
400.00 |
|
|
|
GST Payable |
61.65 |
|
|
|
Cash |
|
4,296.65 |
|
|
|
|
|
|
1/07/2017 |
Dividend |
4,000.00 |
|
|
|
Cash |
|
4,000.00 |
|
|
|
|
|
|
2/07/2017 |
Boating Equipment |
9,000.00 |
|
|
|
GST Payable |
450.00 |
|
|
|
Cash |
|
9,450.00 |
|
|
|
|
|
|
15/07/2017 |
Cash |
11,600.00 |
|
|
|
Unearned Service Revenue |
1,000.00 |
|
|
|
Service Revenue |
|
12,000.00 |
|
|
GST Payable |
|
600.00 |
|
|
|
|
|
|
31/07/2017 |
Salary Expense |
2,000.00 |
|
|
|
Payroll Tax Payable |
|
150.00 |
|
|
Employee Benefit Withold Payable |
|
118.00 |
|
|
Cash |
|
1,732.00 |
|
|
|
|
|
|
31/07/2017 |
Cash |
1,732.50 |
|
|
|
Sales Revenue |
|
1,650.00 |
|
|
GST Payable |
|
82.50 |
|
|
|
|
|
|
|
Cost of Goods Sold |
858.00 |
|
|
|
Inventory |
|
858.00 |
|
|
|
|
|
|
1/08/2017 |
Inventory |
1,800.00 |
|
|
|
GST Payable |
90.00 |
|
|
|
Cash |
|
1,890.00 |
|
|
|
|
|
|
15/08/2017 |
Employee Benefit Expense |
131.20 |
|
|
|
Employee Benefit Withold Payable |
118.00 |
|
|
|
Payroll Tax Payable |
150.00 |
|
|
|
Cash |
|
399.20 |
|
|
|
|
|
|
30/09/2017 |
Cash |
56,880.00 |
|
|
|
Service Revenue |
|
35,000.00 |
|
|
Sales Revenue |
|
19,000.00 |
|
|
GST Payable |
|
2,880.00 |
|
|
|
|
|
|
|
Cost of Goods Sold |
1,379.06 |
|
|
|
Inventory |
|
1,379.06 |
|
|
|
|
|
|
30/09/2017 |
Depreciation Expense |
2,065.00 |
|
|
|
Accum. Depr. - Vehicles |
|
900.00 |
|
|
Accum. Depr. - Furniture |
|
450.00 |
|
|
Accum. Depr. - Boating Equipment |
|
715.00 |
|
|
|
|
|
|
|
Insurance Expense |
800.00 |
|
|
|
Prepaid Insurance |
|
800.00 |
|
|
|
|
|
|
|
Accrued Revenue |
1,000.00 |
|
|
|
Service Revenue |
|
1,000.00 |
Workings
|
|
Purchase |
Sales |
Balance |
||||||
|
Date |
Units |
Price |
Total |
Units |
Price |
Total |
Units |
Price |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
15/05/2017 |
100 |
7.50 |
750.00 |
|
|
|
100 |
7.50 |
750.00 |
|
28/05/2017 |
150 |
8.00 |
1,200.00 |
|
|
|
250 |
7.80 |
1,950.00 |
|
30/06/2017 |
|
|
|
47 |
7.80 |
366.60 |
203 |
7.80 |
1,583.40 |
|
31/07/2017 |
|
|
|
110 |
7.80 |
858.00 |
93 |
7.80 |
725.40 |
|
1/08/2017 |
200 |
9.00 |
1,800.00 |
|
|
|
293 |
8.62 |
2,525.40 |
|
30/09/2017 |
|
|
|
160 |
8.62 |
1,379.06 |
133 |
8.62 |
1,146.34 |
|
Hiking is Fun, Inc. |
|
|
|
|
|
|
|
Unadjusted Trial Balance As at 09/30/2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNADJUSTED TRIAL BALANCE |
|
|
ADJUSTMENTS |
|
ADJUSTED TRIAL BALANCE |
|
|
Account Description |
Debits |
Credits |
Debits |
Credits |
Debits |
Credits |
|
Cash |
$ 87,701.30 |
$ - |
|
|
$ 87,701.30 |
|
|
Prepaid Insurance |
4,000.00 |
0.00 |
|
800.00 |
3,200.00 |
|
|
Office Supplies |
140.00 |
0.00 |
|
|
140.00 |
|
|
Inventory |
1,146.34 |
0.00 |
|
|
1,146.34 |
|
|
Vehicles (Equipment) |
18,000.00 |
0.00 |
|
|
18,000.00 |
|
|
Accumulated Depreciation - Vehicles |
0.00 |
600.00 |
|
900.00 |
|
1,500.00 |
|
Furniture |
4,500.00 |
0.00 |
|
|
4,500.00 |
|
|
Accumulated Depreciation - Furn. |
- |
150.00 |
|
450.00 |
|
600.00 |
|
Boating Equipment |
9,000.00 |
- |
|
|
9,000.00 |
|
|
Accumulated Depreciation - Boating Equipment |
|
- |
|
715.00 |
|
715.00 |
|
Interest Payable |
- |
250.00 |
|
|
|
250.00 |
|
Bank Loan |
- |
15,000.00 |
|
|
|
15,000.00 |
|
GST Payable |
- |
4,512.50 |
|
|
|
4,512.50 |
|
Common Shares |
- |
10,000.00 |
|
|
|
10,000.00 |
|
Dividends |
4,000.00 |
- |
|
|
4,000.00 |
|
|
Retained Earnings |
- |
1,410.00 |
|
|
|
1,410.00 |
|
Service Revenue |
- |
108,000.00 |
|
1,000.00 |
|
109,000.00 |
|
Sales Revenues |
- |
5,235.00 |
|
|
|
5,235.00 |
|
Cost of Goods Sold |
2,603.66 |
- |
|
|
2,603.66 |
|
|
Telephone Expenses |
2,100.00 |
- |
|
|
2,100.00 |
|
|
Utilities Expenses |
405.00 |
- |
|
|
405.00 |
|
|
Rent Expense |
8,000.00 |
- |
|
|
8,000.00 |
|
|
Advertising Expenses |
150.00 |
- |
|
|
150.00 |
|
|
Fuel Expenses |
1,280.00 |
- |
|
|
1,280.00 |
|
|
Salary Expense |
2,000.00 |
- |
|
|
2,000.00 |
|
|
Employee benefits expenses |
131.20 |
- |
|
|
131.20 |
|
|
Depreciation Expense |
|
|
2,065.00 |
|
2,065.00 |
|
|
Insurance Expense |
|
|
800.00 |
|
800.00 |
|
|
Accrued Revenue |
|
|
1,000.00 |
|
1,000.00 |
|
|
TOTAL |
$ 145,157.50 |
$ 145,157.50 |
$ 3,865.00 |
$ 3,865.00 |
$ 148,222.50 |
$ 148,222.50 |
Annand, D. and Dauderis, H., 2014. Introduction to Financial Accounting.
Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015. Financial & managerial accounting. John Wiley & Sons.
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[Accessed 03 December 2023].
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